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Persistent link: https://www.econbiz.de/10003497804
Many inflation targeting central banks are facing calls to expand their list of policy goals. I discuss how recent …
Persistent link: https://www.econbiz.de/10010438355
negatively correlated with inflation and inflation variance across countries. But the cross-country approach has been criticised … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …
Persistent link: https://www.econbiz.de/10009781685
This paper reports the results of a survey among private sector economists about credibility and transparency of central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic Survey to answer questions on the importance and...
Persistent link: https://www.econbiz.de/10011399168
independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …
Persistent link: https://www.econbiz.de/10009012047
inflation targeter early in this period but began to pay less attention to inflation after 2009. Loss of the strong nominal …
Persistent link: https://www.econbiz.de/10011375680
recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries …, especially in the US A and Japan. In contrast with popular wisdom, it is only since the 1990s that policies in these countries … begin to look consistent with an inflation-targeting regime. In addition, the introduction of inflation targeting and …
Persistent link: https://www.econbiz.de/10009781553
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013494187
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...
Persistent link: https://www.econbiz.de/10012119851
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated by the presence of uncertainty about the committee...
Persistent link: https://www.econbiz.de/10010391838